Speaking at the inauguration of the Islamic University’s new “Sanabil” building, Shareef said the bank is continuing to grow its Islamic finance portfolio, which now stands at MVR 3 billion.
Bank of Maldives Islamic has received deposits totaling MVR 2.4 billion to date, CEO Mohamed Shareef said last night.
Speaking at the inauguration of the Islamic University’s new “Sanabil” building, Shareef said the bank is continuing to grow its Islamic finance portfolio, which now stands at MVR 3 billion.
He reaffirmed BML’s commitment to expanding Sharia-compliant services across the country.
“Four branches in the atolls will be converted to BML Islamic this year. By the end of the year, all atoll branches will function as BML Islamic hubs,” he said.
BML Islamic was launched in 2016 and offers a range of services, including Islamic overdrafts, personal and home financing, and Sharia-compliant debit and credit cards.
Shareef said that one of the reasons BML invested in the Islamic University’s sukuk for the Sanabil building was to support the growth of Islamic finance in Maldives. The bank invested MVR 60 million in the sukuk offering, which was opened in June 2024 for the construction of the university’s seven-storey facility.
He said the bank also places a strong emphasis on education, describing the investment as a way to help build an educated future workforce.
BML is currently funding banking degrees for nine students in the UK and Australia through its scholarship programme.
BML’s investment in the sukuk marks the first time a Maldivian bank has supported an Islamic capital market instrument issued by a local institution.
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